Old beneficiary forms can override your final wishes - The Street
Many Americans assume that their wills or trusts control all aspects of their financial legacy; however, an outdated beneficiary form can override those instructions. Under federal law governing employer-sponsored plans (ERISA), beneficiary designations operate under contract law, which means the financial institution holding the retirement account(s) is legally required to distribute the funds to the person listed on the form. Why is this important? As retirement balances total were $49.1 trillion as of December 31, 2025, mistakes are becoming increasingly costly for families. Damilola Esebame, writing for The Street, reports on the implications that outdated beneficiary forms can have on your estate. Read Mr. Esebame’s article here…
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